is an independent agency of the Government of Canada that is responsible for ensuring federally regulated financial entities comply with consumer protection measures, in addition to raising consumer awareness of rights and responsibilities regarding financial services and products. In 2013, the FCAC’s mandate expanded to include activities that contribute to strengthening financial literacy in Canada.
The following are a few FCAC research reports and studies on financial literacy in Canada:
This report describes the progress made in advancing financial literacy research in Canada since the release of the National Research Plan on Financial Literacy 2016-2018.
FCAC Research and Policy
This document presents Canada’s 2016-2018 National Research Plan for Financial Literacy. The objective of the Plan is to focus efforts and enhance coordination among researchers to generate key empirical evidence that will contribute to the successful implementation of the National Strategy for Financial Literacy—Count me in, Canada.
FCAC Research and Policy
As a means of exploring innovative ways of reaching and engaging Canadians, FCAC piloted its financial education material through the Carrot Rewards mobile application. This report explores the impact of FCAC’s financial education materials on knowledge, confidence, and behaviours related to budgeting.
Ipsos Public Affairs Canada
Ipsos Public Affairs Canada conducted a national survery of 2,000 Canadians to measure the extent to which Canadians are aware of their financial rights and responsibilities. This study was commissioned by the Financial Consumer Agency of Canada.
Boris Palameta, Cam Nguyen, Taylor Shek-wai Hui and David Gyarmati, The Social Research and Demonstration Corporation
This study examines the links between financial knowledge, financial confidence and a range of important financial outcomes among working-aged Canadians. It draws attention to psychological underpinnings of financial decision-making and emphasizes the central importance of financial confidence in financial decision-making, behaviours and outcomes. The report was commissioned by the Financial Consumer Agency of Canada.
The Study on Collegiate Financial Wellness (SCFW) (formerly the National Student Financial Wellness Study), conducted by Ohio State University (OSU) – Center for the Study of Student Life, is a multi-institutional survey of college students that examines the financial attitudes, practices and knowledge of students from all types of institutions of higher education across the United States via an online survey. The survey was first administered in 2014.
York University has been the only Canadian institution to ever participate in the SCFW. In 2014, 500 York University students from the Faculty of Liberal Arts and Professional Studies were surveyed as a part of the SCFW.
You can find a number of articles (scholarly, trade, or news) published on financial literacy. Connect to an article database and use keywords and phrases, such as “financial literacy”, to find relevant material. Add more keywords and phrases to broaden or narrow your search.
Popular Personal Financial Advice versus the Professors [Working Paper] - James J. Choi [October 2022]
I survey the advice given by the fifty most popular personal finance books and compare it to the prescriptions of normative academic economic models. Popular advice frequently departs from normative principles derived from economic theory, which should motivate new hypotheses about why households make the financial choices they do, as well as what financial choices households should make. Popular advice is sometimes driven by fallacies, but it tries to take into account the limited willpower individuals have to stick to a financial plan, and its recommended actions are often easily computable by ordinary individuals. I cover advice on savings rates, the advisability of being a wealthy hand-to-mouth consumer, asset allocation, non-mortgage debt management, simultaneous holding of high-interest debt and low-interest savings, and mortgage choices.
The OECD is an intergovernmental economic organization with 37 member countries; the mission of the OECD is to promote policies that will improve the economic and social well-being of people around the world, including conducting global research on financial literacy. Find reports and studies related to financial literacy on the OECD’s free website.
Alternatively, you can search for more financial literacy literature on the OECD iLibrary database (TMU Library subscription). Conduct a search for “financial literacy” in the ‘Search all content’ search bar, then use the limiters to refine your results if needed.